KOTA KINABALU: Suria Capital Holdings Berhad (SuriaGroup or the Group), operator of Sabah’s major ports and oil terminals, which published its annual report for financial year ended 31 December 2022 (FY2022), anticipates 2023 to be challenging due to global external factors, however, remains optimistic that the positive developments surrounding its businesses will bode well moving forward as it progresses and repositions itself for sustainable growth.
The extended concession period for Sabah Ports Sdn Bhd (Sabah Ports) up till year 2064 enables SuriaGroup to continue its port expansion and upgrading programme to serve the Sabah State’s economy.
The long-term plan for development of the Sapangar Bay Integrated Port which shall comprise Sapangar Bay Container Port, Sapangar Bay Oil Terminal and Sapangar Bay Conventional Cargo Terminal is intact.
On the expansion of the Sapangar Bay Container Port, construction works are currently underway and scheduled to be completed by 2025. Upon completion, Sapangar Bay Container Port is expected to handle an increased capacity of up to 1 million twenty-foot equivalent units
(TEU), from 500,000 TEU currently.
Concurrently, the construction works for the additional jetty at Sapangar Bay Oil Terminal is progressing rapidly to meet the targeted operational commencement in the 3rd quarter of 2023.
Sapangar Bay Conventional Cargo Terminal, being the last component of Sapangar Bay Integrated Port, will be constructed in year 2023 with completion anticipated in 2027 to cater for general cargo handling and provision of ancillary services for the oil and gas sector.
On January 16, 2023, Sabah Ports had received approval from the State Cabinet of Sabah to enter into a strategic collaboration with DP World (DPW), a leading provider of worldwide smart end-to-end supply chain logistics. The key areas of the collaboration are the management and operation of Sapangar Bay Container Port as well as investment of logistics and supply chain infrastructure in Sabah.
This is expected to help fast-track the transshipment hub initiative with the value-adding propositions that DPW will bring to Sabah Ports and the State in general. The negotiations and signing of the definitive agreements for the proposed collaboration between Sabah Ports and DPW is expected to be concluded in 2023. This would mark DPW’s maiden foray with a Malaysian seaport.
On the property front, phase two of Jesselton Quay which is to be developed on the remaining 10.3 acres land is expected to commence by end of the year 2023 with completion targeted in 2030.
SuriaGroup will own the commercial shops within the heritage precinct of Jesselton Quay which will be completed in 2027.
As for the remaining parcels of lands at Kota Kinabalu Port, SuriaGroup will be looking to form strategic partnership with reputable developer to implement the development of both the 7 acres and 28.9 acres commercial lands. The seven acres land is part of the ex-container yard of Kota Kinabalu Port that is readily available to be developed.
On the other hand, the 28.9 acres land consists of the main wharf of Kota Kinabalu Port and a large portion of water body which requires reclamation works to be undertaken prior to commencing development.
Source: The Sun Daily
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